The General Assembly of Fawry for Banking and Electronic Payment Technologies has approved the decision not to distribute cash dividends to shareholders for the year 2025, limiting the distribution to the employees' share in the profits and retaining the remaining profits due to shareholders.
The assembly also approved the financial statements and the company's activities for the fiscal year ending last December, endorsing the Board of Directors' report and the auditors' report, in addition to ratifying the independent and consolidated financial statements for the fiscal year ending December 31, 2025.
Event Details
Fawry's profits increased by 78% during the past year, reaching 3.1 billion Egyptian pounds compared to a profit of 1.74 billion Egyptian pounds in 2024. The company's revenues rose to 8.65 billion Egyptian pounds last year, compared to 5.51 billion Egyptian pounds the previous year.
Fawry revealed an ambitious expansion plan for this year, which includes investments exceeding 1.6 billion Egyptian pounds in technological infrastructure, alongside expanding digital banking and financial services within the local market and foreign markets, particularly the Saudi market, according to Ashraf Sabry, the founder, CEO, and managing director of the company.
Background & Context
Founded in 2008, Fawry is considered one of the leading companies in the field of electronic payment technologies in Egypt. The company aims to enhance its market presence by providing innovative solutions that meet the growing needs of customers.
Fawry is moving towards expanding into new markets, preparing to enter the Saudi market through a partnership with a Saudi investor, reflecting its desire to strengthen its regional presence.
Impact & Consequences
Fawry's expansion plan is a strategic step aimed at increasing its market share and enhancing its competitiveness. These investments are expected to contribute to improving the quality of services provided and increasing the customer base.
Moreover, retaining profits instead of distributing them may reflect the company's direction towards reinvesting profits in future projects, potentially leading to sustainable growth in the long term.
Regional Significance
Fawry seeks to expand its services to meet the needs of the Arab market, reflecting the general trend towards digital transformation in the region. These steps may encourage other companies to adopt similar business models, fostering innovation in the financial sector.
In conclusion, these developments at Fawry represent a sign of sustainable growth in the payment technology sector, contributing to the enhancement of the digital economy in the region.